Crédit Agricole Assurances, Sogécap - the life insurance subsidiary of Société Générale Group – along with Caisse des Dépôts, have bought stakes in FDM Management, a vehicle created by Foncière des Régions in December 2014 to make hotel investments through management contracts or franchise agreements. The total investment by the three parties was €172m ($196m).
Foncière des Régions is a real estate development company with a total portfolio valued at €16bn ($18.2bn) in France, Germany and Italy. In France, through its subsidiary Foncière des Murs, it is a leading hotel owner and a partner of major hotel groups such as Accor.
The shareholders of FDM Management are now Crédit Agricole Assurances (11.6%) and Sogécap (11.6%), along with two other insurers, ACM Vie SA (11.6%), BNP Paribas Cardif (11.6%), plus Caisse des Dépôts (11.6%) and Foncière des Murs (40.8%).